The Union Finance Minister Shri Arun Jaitley while presenting his first Budget in Parliament today, announced that a National Industrial Corridor Authority, with its headquarter in Pune, is being set-up with an amount of ₹ 100 crore, to coordinate the development of industrial corridors with smart cities linked to transport connectivity. The Finance Minister has also announced that the Amritsar Kolkata Industrial Master Planning will be completed expeditiously for the establishment of Industrial Smart cities in seven States in this corridor.

The Finance Minister said that the Master planning of three new smart cities in the Chennai-Bengaluru Industrial Corridor region, viz., Ponneri in Tamil Nadu, Krishnapatnam in Andhra Pradesh and Tumkur in Karnataka will also be completed. The perspective plan for the Bengaluru Mumbai Economic Corridor (BMEC) and Vizag-Chennai corridor would be completed with the provision for 20 new industrial clusters.

The Finance Minister said that Kakinada, its adjoining areas and the port will be developed as the key drivers of economic growth in Andhra Pradesh with a special focus on hardware manufacturing.

The Finance Minister Shri Jaitley urged the States to play an active role in export promotion by providing good infrastructure and full facilitation. He proposed to establish an Export Promotion Mission to bring all stakeholders under one umbrella.

Industrial corridor development linked to smart cities promotes coordinated planning and export facilitation through a new national framework. A National Industrial Corridor Authority will be established to coordinate industrial corridor development linked to smart cities and transport connectivity, overseeing expedited master planning for key corridors and smart city sites, and facilitating the creation of new industrial clusters. An Export Promotion Mission is proposed to bring stakeholders together and strengthen export facilitation, while States are urged to provide necessary infrastructure and facilitation measures.